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quote them. and i will cut taxes for middle- class families. i believe it's important to
steve, what do you think of this romney tax plan? >> it increases take-home pay, middle class family, $2,000 extra in their take-home pay, and more importantly it reduces the price of doing work, being productive and taking risks. lowering that price, lowering tax rates. that's the way to get the economy going. worked for kennedy, for reagan, worked in the early part of the last decade. it will work again. >> we have to do something. since the recovery began, by the way, june 2009, household incomes are down 5.7%. that's since the recovery. when you're in a recovery, incomes are supposed to go up. >> yeah. what's disstressing and concerning is, at this point i don't know what governor romney has in mind. he's been saying all along he'll reduce taxes and shows up in ohio -- >> reducing tax rates. >> he shows up and says don't expect a huge tax cut, because what he's doing is lowering deductions and exemptions. great. i wonder if somebody will get around to telling me what those deductions and exemptions are that he's going to lower. he's been running for president for seemingly
that is something that mitt romney was trying to clarify on this idea much spreading the wealth, end tax cuts. from ryan earlier. >> i was a little bit confused yesterday, congressman, when mitt romney was talking about the tax cuts he was invisioning, they would not be as big as you think, when you factor out you know, how we would phase out exemptions and allowances and deductions it may not be the big tax cut a lot of people were looking forward to. is he trying to brace us for some bette bitter news. >> no, lower tax rate, triggers economic growth, when people ask about, whose tax loopholes are you go after? we say by closing tax shelters for higher income earners, that allows us to lower tax rates for everyone. middle income tax payers get higher take home pay, businesses get lower tax rates that helps theme compete globally, and create job, by denying tax shelters to hire income earning that means we can lower tax rates on everyone without losing revenue, we get more revenue because we continue will glow the economy, these kinds of pro growth tax reforms, ronald reagan and tip o'neill did it,
] >> a new report by the tax policy center says middle class family pays $2,000 more in taxes next year if the fiscal cliff happens in january when the payroll tax holiday ends. economists discussed the issue today at the urban institute. this is an hour and a half. [inaudible conversations] i think we are ready to get started, everybody. [inaudible conversations] good afternoon. welcome to the urban institute's first tuesday. i'm editor of the tax blog, tax blocks, and we're here to discuss taxes and the fiscal cliff. washington lives in sue perlatives. everything that happens here is the biggest, the worst, or the most important. how many times, for instance, have you been told that some politician is about to give the speech of his life until he gives the next speech? the taxmeggedon has the potential to be a watershed in fiscal policy. it's true. it could be another way to kick the can down the road, but it could be a tipping point to end a decade of fiscal gridlock. yesterday, the tax policy center released a new study on the cliff, and we'll talk in details, but to summarize, it f
the politicalization of wall street right now, the ceos don't want to invest because they don't know about the tax cuts. but we have trillions of dollars that is ready to get into money flow. we need the money to get higher velocity and they're not doing it because they can't get a return on their investment. >> what's romney going to stay in the debate tomorrow to really articulate -- >> he's not going to be able to say those trillions can -- >> here's what romney said, to the extent that there's been any recovery at all, to the extent that there's been any economy growth at all, it's been -- whatever we have had has been completely funded -- remember what obama said, i'm going to build a new foundation. it's built on easy money and borrowing. >> the only argument, the only argument that romney and the republicans have is look how terrible things are, they're the america lose crowd. >> that's their only argument. >> so guess what, bright signs in the market you indicated today. bright signs in manufacturing. it couldn't possibly be because of good public policy. >> you realize this year's worse than l
. not because there hasn't been tax rises think i suspect dean every family in this country. not because they didn't want to cut borrowing. they did. abacus or services are getting worse. they are. but because if you stop an economy growing, it will be of more out of work claiming benefits, not paying taxes. businesses struggles that they are not paying taxes. and as a result, borrowing goes out. our income not to invest in schools and transport and education, but are we to keep people idle so the next time you hear a conservative say to you, labor would increase borrowing. just remember it is this government that is increasing borrowing this year. [applause] so what have we seen? we have seen recessions, higher unemployment, higher borrowing. i don't think that is what people were promised. there will be some people who say, and this is an important argument. it will be some people who say they were short-term pain, but it is worth it for the long term gain. and i'm afraid the opposite is true. the longer you have low growth in the country, the baker to debt comes to the future and the
for our debate warm-up. is from the getting more specific about the tax plan? we think so. we have the details. welcome to "the willis report." hello, everybody. i'm gerri willis. tonight is the night. obama versus romney. this same stage. the expectations are sky-high. it seems like all obama had to do is show up. with more on this neil cavuto from denver. can romney meet these expectations? >> they are high expectations. the pressure is on him because of these polls. i often think that a lot is put on the challenger. sometimes he can benefit by showing up and sharing the stage with the president of the united states. already on equal footing with him in that respect. he does have the advantage of a dicey economy going forward. the president's supporters say it is not as it had been, and there is some economic news today that portends may be the worst is behind it. but i agree with that. if you want to be in game changer this is the night. and no one doubts the earlier point. he has the smarts. does he have the passion to deliver? the fact that he tipped his hand a little bit on h
, he wants to-- one, he wants to cut tax breaks or companies that outsource. when companies outsource the net effect is to create more jobs that were here. people were able to buy goods cheaper because companies are able to make the goods cheaper and buy goods cheaper and spend more money in other sectors, two the other they think he wants to do, he wanted to invest in education and training programs. that's all well and good, brenda and we know that's going to cost millions and millions of dollars, but that's not how the economy works. >> gary b, it's spending more, what does that do to the debt? >> well, brenda, he tries to get up, up, up. when i went to work for ibm 30-odd years ago, the government didn't teach me how computers work. bem caught me. rockefeller's oil company taught people how to drill for oil and gas and the third thing that strikes me that's not going to work. he wants to double manufacturing jobs, increase manufacturing jobs, that's fine, but why does the manufacturing get the benefit of government largest, why not the financial sector, oil and gas, all of this st
, that's where obam will be tough on romney saying he wants to give tax cuts to the wealthy and to voucherrize medicare. romney will say he is the defender of the middle class. one thing both sides say this, could get heated tonight. >> we go to jim lehrer of pbs, moderating this debate. >> jim: i'm jim lehrer. i welcome you to the first of the 2012 presidential debates, between president barack obama, the democratic nominee, and former massachusetts governor, mitt romney, the republican nominee. this debate and the next three, two presidential, one vice-presidential, are sponsored by the commission on presidential debates. tonight's 90 minutes will be about domestic issues and will follow a format designed by the commission. there will be six roughly 15-minute segments, with two-minute answers for the first question. then open discussion for the remainder of each segment. thousands of people offered suggestions on segment subjects or questions via the internet and other means. but i made the final selections. and for the record, they were not submitted for approval to the c
're going. governor romney has a perspective that says if we cut taxes, skewed towards the wealthy ad roll back regulation, we'll be better off. i have a different view. i think we have to invest in education and training. i think it's important for us to develop new sources of energy here in america. that we change our tax code to make sure that we're helping small businesses and companies that are investing in the united states. that we take some of the money that we're saving as we wind down two wars, to rebuild america. and that we reduce our deficit in a balanced way that allows us to make critical investments. now, ultimately it will be up to the voters, to you, which path we should take. are we going to double down on the top down economic policies that helped get us into this mess? or do we embrace a new economic patriotism, that says america does best when the middle class does best? i'm looking forward to having that debate. >> governor romney, two minutes. >> thank you, jim. an honor to be with you and pleased to be with the president. i'm pleased to be at the university of denv
that is one of the things, simplifying the tax code so that you can dedicate your brainpower to doing productive things. the thing about spending is the money doesn't come from us, it comes from you. that is not stimulus. it is more lightweight. >> host: just to go back to your original point, would you like to see no floating currency? >> i would like to see the dollar and how much in washington created it, and we have it for 180 years. that is the goal. what that does. sixty minutes an hour, 16 ounces in a pound. it doesn't restrict money supply, it blossoms. we have a stagnant economy. what it means is that if you make a contract two years from now for a fixed amount, the value will be the same as it is today. when you make an investment, when you value that investment, it is the future stream of income. well come you don't know what the dollar will be worth. $120, less investment, the economy is stagnating. just as it was in the 1970s. again, government creates the environment. stable money. don't go on the spending ventures and run the economy. >> host: steve forbes, you have bee
government. >> that trickle down government phrase looks like an attempt to neutralize attacks on his tax plan as just one more version of, quote, trickle down economics. romney did some major cleanup work yesterday on the comment that had been the most damaging to his campaign in the last few weeks, the 47% comment. >> clearly, in a campaign with hundreds if not thousands of speeches and question and answer sessions, now and then you'll say something that doesn't come out right. in this case i said something that is just completely wrong. i absolutely believe, however, that my life has shown that i care about a hundred percent. >> that's what he said. everything he said there he said was completely wrong. does raise this question. how many resets can a presidential nominee have? take a look at romney's shifting responses over the last three weeks on 47% to put it all in perspective. >> as i point out i recognize that among those that pay no tax approximately 47% of americans i'm not likely to be highly successful with a message of lowering taxes. you know, it's not elegantly stated. let
the subject. i think he had had enough talking about taxes and debt. how much of it is just not true? there was one moment when they were talking about how only 3% of the business owners would be affected, but governor romney came back and pointed out that they are the ones who create most of the jobs. i think tonight was an important moment. i think for the first time, the american people saw these two men standing next to each other. they saw a dramatic difference between someone based on realistic ideas and a president who's in towercam pay is based on rhetoric and myth. >> the facts or on his side. the president could not justify his position. the first the minutes were painful to watch. the president kept going are around and around on the tax issue. the governor was ready. muncie realized he had run out of a tax and things to say that were not true, he wants to change the subject. he turned to the moderator and said maybe we should move on to something else pyrrhic he was clearly uncomfortable discussing the debt and the economy. greg will we see a jump in the polls for mr. rom
romney has a perspective that says if we cut taxes, skewed towards the wealthy and roll back regulations, that we'll be better off. i have a different view. i think we have got to invest in education and training. i think it's important for us to develop new sources of energy here in america. that we change our tax code to make sure we're helping small businesses and companies here in the united states, that we take some of the money we're saving as we wind down two wars to rebuild america. now it ultimately is going to be up to the voters to you, which path we should take. are we going to double down on the top-down economic policies that helped get us into this mess, or embrace a new economic patriotism, that says america does best when the middle class does best. >> governor romney two minutes. >> romney: thing you jim. i'm i'm -- pleased to be here with the president and to be here. and congratulations to you, mr. president, i'm sure this is the most romantic place you could imagine here with me. [ laughter ] >> romney: i have had the occasion of meet
into a such a deep hole and everyone wants to avoid tax, tax, tax, we can't. yes, they've got it cut it, and going to have to do financials, we don't want to do it, we've got to. >> neil: i'd like to disagree with that, but (laughter) >> mr. gasperino? >> and we don't have to raise taxes right now. it'd be a dumb thing to raise taxes, in the middle it looks like we're headed to a double dip recession. >> neil: you think that. >> you look at the numbers and the business round table and look at the latest gdp numbers and consumer spending and i don't criticize ben bernanke for doing what he did with qe three, primarily the numbers look bad-- >> of aalways been in the-- >> and i tell you, never criticized, one you've never criticized. >> neil, neil, this is the only thing left. if you don't have-- >> come on, i think you doth protest too much. dagen. >> i think what ryan says does ring true. because obama care and the bowles simpson panel completely off the table. medicare don't touch it. medicaid, do ent touch it. in fact, paul ryan did work with alice rivlin on something like proposed for medicare
. it is crazy. >> the larger problem here is we need to make very substantial changes in the tax and budget regime we have. very serious changes that will hurt. so nobody wants to do it. the worst thing that happened is we do not do any of them until we have a crisis, a really horrible crisis, and defaulted on the debt would be pretty bad if it were allowed to happen for more than a day or two. a horrible crisis can happen in other ways. for example, and this is something we really have to pay more attention to, the previous 10 leaders of the council of economic advisers -- maybe it was more -- from both parties, last year, jointly signed an open letter to congress and the administration saying, if we do not get this situation under control, one day, and no one knows when it will be, but for sure, one day, the bond market, all the people and institutions in the world to lend that money to the united states, will demand a higher interest rate. it will go up and up and up. when it does, what they said was we will have a financial crisis that will make the 2008 financial crisis look small. tha
and your taxes. >> unlike president obama, i will not raise tax on the middle class of america. >> i want to reform the tax code so it's simple, fair. >> the candidates' opinions couldn't be more different and the stakes couldn't be higher. >> their philosophy is if you don't are health insurance, don't get sick. >> now is the moment we can do something. and with your help, we will do something. >> cnbc's coverage of the first presidential debate of the 2012 presidential election begins now. >> tonight some of the most influential figures in the nation on the economy join us here on cnbc. >> we've got representative and hopeful ron paul with us. texas, from texas. he is of course outspoken about the federal reserve policies. robert reich is here with us tonight. also with us grover norquist. the man behind the no new taxes pledge so many republicans made. and bob lutz a former top auto executive. the auto bailout expected to be a big topic tonight. and we've got president of the aflcio. unions of course a major constituency. and roger altman. as you can see the lineup card is full. going
. >> there be will no tax cut that adds to the deficit. i want to underline that no tax cut that adds to the deficit. >> reporter: but the president repeatedly insisted that romney is calling for $8 trillion in tax cuts and spending that cannot be paid for without adding to the deficit or burdening more middle-income americans. >> it's math. it's arithmetic. >> reporter: the. also criticized his -- the president also chris sitees the -- criticized hid cal letter without -- his challenger of not providing more. the obama campaign is conceding that the extensive preparation paid off at a time when he needed a lift. many viewers saw a president not at the top of his game. >> he seemed a bit nervous for some reason. almost some questions threw him off and rit romney seemed to throw him off a bit as well. >> reporter: not everyone is giving the win to romney. >> obama had -- he was more comfortable with his ideas. romney was working a bit too hard trying to convince people because he's down in the polls. >> reporter: the president and mitt romney square off again two more times. the next debate is a town
: we need our competitiveness back, we need better regulation, better tax policy, better way to grow the hell out america. >> thank you very much. which will win out? today's jobs numbers that could be a positive for the president? or wednesday's debate where governor romney appeared to gain the upper hand? real clear politics keeping track of it all. tom, thank you very much. we have two conflicting numbers, the post debate romney surge and this morning the jobless number that looks like president obama is going to use on the campaign trail. which is more important to the membership? >>guest: that is a great question. the debate was important for the romney campaign. we have had bad job numbers now for months upon months leading up to this and they never affect the members. you can make the argument that despite the fact that rebound got a good jobs number, a good unemployment rate ticked down in the unemployment rate that may or may not impact the numbers. >> post debate there is indication, we have scott rasmussen coming up later talking about the polls, post debate happens now, i
thanks to a tax holiday. >> american airlines says they solved the mystery of seats coming loose in the sky. who they [ barack obama ] i'm barack obama and i approve this message. [ fema announcer ] ay says... president obama and i both care about poor and middle-class families. [ female announcer ] but this is what the budget plan mitt romney supports actually ds. more huge tax breaks skewed to the wealthy. while cuttinnearly eighhundred billion from medicaid... even though middle-class families rely on medicaid to help loved ones cover nursinhome care. and it helps parents support children with disabilities. if mitt romney really "cares," wouldn't we see it in his priorities? some air travelers are responsible for the ongoing problems with those bruce seats -- loose seats. >> dozens of flights have been canceled or delayed. rebecca cooper has an update on the issues and the repairs. >> as of friday, 42 of the 48 planes grounded have been repaired and a promise to have all of them fixed by saturday. it is eroding custo
that if we roll back regulations and cut back taxes, well, we will be better off. i have a different view. it is important to develop new sources of energy here in+ america, that we change our tax code to make sure we are helping small businesses and companies investing here in the united states, that we take some of the money we are setting as we wind down two wars, to rebuild america, and we reduce our deficit in a balanced way that allows us to make these critical investments. ultimately it's up to the voters, to you, which path we should take. are we going to double down on the top-down economic policies that help us get into this mess, or do we embrace america doing best when the middle-class. >> of trichet the chance to be here with the president and be at the university of denver -- i appreciate the chance to be here with the president. congratulations to you, mr. president, under anniversary. i am sure this is the most romantic place you can imagine being, here with me. i have had the occasion of the last couple of years in meeting people across the country. i was in dayton, ohio,
when? according to an independent, non-partisan study, barack obama and the liberals will raise taxes on the middle class by $4,000. the same organization says the plan from mitt romney and common sense conservatives is "not a tax hike on the middle class." want proof? read the non-partisan study for yourself at obama and his liberal allies? we can't afford four more years. i'm mitt romney and i approve this message. we can't afford four more years. i"i'm not in favor of a a$5 trillion tax cut. that's not my plan." mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? . >>> they're back. the pesky stink bugs. the government said that they have returned in a big quay. many more than last year. you don't have to tell that to the
. >> i will not raise taxes on middle-income americans. >> the debates will matter to some undecided voters. >> the debates could decide the election for either one of us. >> from denver, colorado, here is scott pelley. >> pelley: good evening. we're about to see the one thing we haven't seen in this long campaign for the presidency-- the candidates side by side. it's the first of three debates between the democratic incumbent-- 51-year-old barack obama-- and his republican challenger 65-year-old mitt romney. it comes 34 days before the election-- though early voting is already under way in many states. the focus tonight is domestic issues, including the economy, still struggling to recover from the great recession. polls show the race is very close nationally, but in swing states that will tip the balance, the president is ahead. so he'll be trying to protect his lead and for mitt romney, it's an opportunity for a breakout moment. in front of what could be the biggest audience he will have before election day. the sole questioner tonight is jim lehrer. it's the 12th time he's served
a perspective that says if we cut taxes skew toward the wealthy and roll back regulations we will be better off. i have a different view. we have to invest in education and training. it is important to develop new sources of and in america, change our tax code to help small businesses and companies investing in the united states. that we take some of the money that we are seeing -- saving to robo-call america -- rebuild america. it will be up to the voters was path we should take. will we double down on the top- down economic policies that helped get us into this mess or embrace a new economic patriotism that says america does best when the middle class does best. i will forward to having that debate. >> it is in honor to be here with you. i appreciate the chance to be with the president. congratulations to you mr. president on your anniversary. i am sure this is the most romantic place you could imagines here with me. congratulations. this is a tender topic. i have met people across the country. i was in dayton, ohio and a woman said i have been out of work since may. can you help me? yesterda
a president passing a tax rate on small businesses above 40%. that one tax only pays for 8% of his proposed deficit spending. so this idea, look, overseas, which where i come from means lake superior. we both live near canada, right? the canadians have this figured out. the canadians lowered their taxes to 15%. president obama wants to tax our successful small businesses to go above 40%? when we tax our job creators at much higher tax rates than our foreign competitors tax theirs, they win, we lose. we have to get right with the idea that our jobs come from successful small businesses. we don't want to tax them more, we don't want to regulate them more, we want them to hire more. that is essential. [applause] and none of this is going to work. no business is going to be confident to take that risk to hire people, to advance people, to give people promotions and raises and job security if they see their government borrowing and spending like it is. we can't keep borrowing 36 cents of every dollar our government spends. we can't keep the federal reserve doing what it's doing. we cannot keep l
on the trail. it is the gift that keeps on giving. >> how they can justify. raising taxes in the middle class. it has been buried in the last four years. how in the lord's name. >> that is nodt a froidian slip. plus three stories that happen to break before the election. a leftist new york attorneyy general looking to bash banks and that is as phony as a $3 bill. also a judge strikes down pennsylvania's voter id law and the obama administration is telling companies it is okay to disregard the law when it comes to handing out pink slips in advance to big budget cuts. all three happening before the election. mitt romney has finally put meat on the bones of his tax reform idea. he floated the idea of a $17,000 cap on tax reform reduction. >> you could say everyone is going to get up to a $17,000 deduction. you can fill that bucket if you will and higher income people might have a lower number. >> this is brand new stuff. we have howard dean former vermont governor and candidate. and let's look at this for a second. what do you think? a $17,000 cap on tax deductions for everybody as a way of bein
more, taxing more, regulating more, if you will, trickle down government would work. >> president obama sounded a familiar alarm. warning of romney's been there done that economics. >> the approach that governor romney is talking about is the same sales pitch that was made in 2001 and 2003. we ended up with the slowest job growth in 50 years. >> whether it was health care, jobs, or medicare, it was romney who stood out for his aggressive ste. >> i just don't know how the president could have come into office facing 23 million people out of work, rising unemployment, an economic crisis at the kitchen table, and spend his energy and passion for two years fighting for obama care. >> the president made his points in a slower, more laid back, often looking down, sometimes appearing disengaged. it's not that he didn't try to rip apart romney's economic plan. >> that kind of top-down economics where folks at the top are doing well, so the average person making $3 million is getting a $250,000 tax break while middle class families are burdened further. >> romney was determined to go toe to toe.
program without paying one penny for it. they added another trillion dollars in tax cuts for the wealthy. what was the result. ? these are the facts. the result was by the time the rain that turned back over to barack obama and me, they had doubled the national debt in 8 years. the fourth, fifth, or six days we were in office, we were sitting in the oval office at sunset, mr. president, looking at his year's budget you are going to have a trillion dollars deficit. he said, i have not done anything yet. [laughter] he said, no mr. president, the budget they passed guarantees no matter what you do, you will have a trillion dollar debt this year in the budget. a trillion dollar deficit, to be precise. these guys talk about the national debt. what date did generated the -- what they did generate -- generated the jobs since world war ii. it gave us this great recession. what they have not told us is what they are willing to do about it. we laid out a $4 trillion debt reduction plan over next 10 years. we have already passed $1 trillion of it. these guys voted against everything. not only did t
Search Results 0 to 49 of about 2,030 (some duplicates have been removed)